Thanks for your responses. I am going with the a majority choice, markpit.com. It is the hands of a programmer now, which means I can't get an exact date for completion. Sorry, the hourly cycle actually bottoms on Tuesday morning two hours after the open, not this morning as I thought when I looked at it on Thursday. Third waves can be bear killers, but for the bears look for a short entry at 726-727 today unless we blow right through that level. I don't thing the next big leg up is going to start yet though if the CBOE put/call indicator is any indication. We may get a quick peak here and then a short selloff with the market maybe drifting sideways for a few months. That prognosis is just based on that indicator. Fearless bulls may get a buying opportunity at the 717 level. Whether that coincides with the hourly bottom remains to be see. I was a little hesitant with the e-mail update at the close, as the bottom indicator was near the top zone, but cumulative volume was certainty suggesting a gap up today on the open. Longs should use 716 as a stop today. The NYA system went back on a buy. Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
I just have to laugh. If you have added a bunch Gann lines to your TS2000
charts in a workspace, be prepared to loose them all, if you change the
decimal place settings in your data. Guess what? I don't think any of the
Gann lines would have come into play on the daily Trix chart today anyway.
The five minute chart(I remembered where I started
the Gann lines from),and this astro chart look
interesting. We need to breakout above the 725 Gann line to give us a shot
at the 740 level on the OEX. Bears should
look for a short at that level(725). One minute cumulative
volume is suggesting we rally right on the open. The hourly cycle looks
to be bottoming early on Monday. My vote is for sideways today with a possible
surprise to the upside. I think the e-week trade starts on the open today,
use 712 as a stop, if you want to play at the
money, one weekers here. If we have a strong day today we could get a further
launch to the upside when the hourly bottoms on Monday. Stay long if we
close above 725. The NYA and the OEX systems went on sells.
**Almost forgot, we are launching a new chat site, marketpit.com or pitchat.com.
I hope to have one of the names up next week. I like both names and I am
having a hard time deciding which to use. We are pretty well split on the
name choices. Send me an e-mail if you care to share your opinion .
rick1@oextrader.com Thanks in advance. Rick
Murphy's Law! If it's not one thing it's another. For the last 3 months, for me anyway, little things seem to go wrong almost every day. When is this period going to end for me, probably every single one of my astro signs have gone retrograde. Beam me up Scotty! Now, Dial Data is screwing with me. I lucked out and was able to get in after 3:45 this morning. The problem is the NYA data has been wrong for two days. It hasn't affected the trading system though, as the NYA needs to selloff by at least 5 points, I think, to give a sell signal. I discovered why the trading systems were not giving the same signals with the RT programs. Dial Data has an extra point value in their end of day data. I updated manually as I thought I wouldn't get in tonight, and I saw the difference in the data. For example, 730.30 , might be 730.33 in Dial Data. Anyway, enough of that. The 30 minute cycle provided a good entry point. From here, it gets tricky. I have 722 and 724 as resistance on several of my charts and 714 and 717 as possible support, note the 3 vole bar chart. 705 looks to be major support on a 15 minute chart that I no longer post. My end of day cumulative volume chart is suggesting to me, we could go sideways from here and possibly explode up to the 737 level as volume and breadth are both going sideways together, I am also looking at the CBOE chart, we may get another extreme level. I think traders are going to become fixated on bonds again, which could gives a go at 705. If you went long and held overnight, I would look to exit on any rally today. Use 715 as a stop. I don't have any high confidence long or short entry point today. We could see some action on Monday, if this astro chart is any indication. Note the yellow and cyan markers. Previous alignments were near a sharp sell off, Friday may be a good day to position a short trade. A net stock that I like right now is NTBK. It could explode at any time, but if it does nothing for the next week, we may be able to pick up the Aug 40 calls under 3 dollars. Maybe we will get an e-week play out of it next week as well. I also like GoTo, but I don't think there are options on it yet. Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
Bears got an okay entry point yesterday. We may have even seen the high for the year. One of the Twin Peaks still hasn't rolled over , so we may just keep testing the new Fib Zone. The 30 minute cycle bottoms two and half hours after the open today. If you did go short and held overnight I would close out positions before that cycle bottoms. I don't see any long entry point though unless you want to play the 30 minute cycle. The bulls may get the OEX to dance up against the upper regression line near 727 again if they are lucky, daily Trix has rolled over. All the systems are still on buys. For some reason I couldn't get one minute cumulative near the close. Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
We overshot the weekly Gann line by a few points. All the systems are still on buys. The VB bands have been calling this market pretty good. They are now at the upper band. MSI has also fallen to the lower band. Do we have a short term top? Twin Peaks and Trix are no longer favorable to the bulls. If I was looking for a short term top, I would look far a top between the 720 and the 725 level or so. I like the 721 level myself. They are just parallel support lines. I am just questioning whether a possible top at that level will translate into sideways action or a quick sharp drop as one of the monthly cycles has bottomed rather convincingly. Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
Nothing has changed other than Gann lines being run off some of the charts. Never thought we would see the Gann line on the 5 minute tagged. The weekly upper Gann line seems to come in aroung the 714 level, but it is hard to tell with SC4. I think this maybe a day traders market for a few days, so I would be looking for quick exits, but a short setup, I think is there for day traders from the714 level. Gann support is at 709 on the five minute chart, but I would be hesitant to go long there, as there is no support until the 700 level on the same chart. Maybe the markret might just bounce between those two levels today, 714 and 709. Bulls can take joy in the fact the oddlots are still shorting. Look for a double top on the one minute chart if you are a eager short at the 714 level. Have a great Holiday weekend! Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
It was looking good on the one minute cumulative volume chart right up until the fed announcement. All the trading system are still on buys. I was thinking we might top at the upper weekly Gann line just above 708, but I am not going to go there today. I think I am going to take Travis up on the job offer. Any more calls like the last one and I will be in the poor house soon. I am not going to chase the market from here. The setup was there.
They really squeezed the shorts. I was hoping for a selloff into the astro cycle low today. I wasn't expecting the OEX to actually make to the 690 level, but I did only recommend a 50% short position as it was a possibility. The puts actually didn’t lose a lot of their value as the 500 sold of after the close. VIX seemed to ignore the rally, keeping option premiums high. I still think the market will start to roll over here, but now premium becomes a concern as after a rocket launch, rarely does the market roll over right away. Stay short as long as the OEX close below 692. Chalk two hits up for the NYSE and the DOW trading systems. The OEX system went on a buy at the close. A quick note on one my gambling plays. SNMM has almost doubled here, I would sell half of your positions. There is also news out this morning on GOCA. I have know idea what it will do for the share price.
MAJ is parked right on the upper band. One minute cumulative volume barely held support on the close. The 684 level may turn back any rally today for daytraders . The hourly cycle kept the market from tanking near the close. It looks like bonds may go for the 6.4 level, but us bears will like that. The US dollar put in a nice rally. If the dollar starts turns here we could be rewarded. Right now I see the 675-676 level as providing possible support for a bounce. There is a lightly lower Fib zone on the astro chart. If we do get a nice sell off over the next couple of days we will look to add to our puts. I want to see what type of bounce we get from 675-676 level, if we do indeed see that level today. The oddlots have tagged the lower band, so a sharp selloff could happen at any time. I almost feel like saying load the boat here with puts, as cumulative breadth looks to be about to hit resistance. Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
The DOW trading system went back on a buy. I didn't get the setup I was looking for. The hourly cycle is bottoming 30 minutes before the close. The only setup I see is to enter the OEYSPs above the 678 level marked by the upper trendline on the five minute chart, 680 maybe the perfect entry point.Take only a 50% position as Trix may turn up here on the daily. No stop. We should get a selloff near the close, or on the open tomorrow if I am reading the tea leaves right. We may get a shot the 690 Fib zone again, that maybe your level of risk on the upside. It is rather tight here playing Juy puts, but we want to be short, if this rising Gann line on the daily gets taken out. Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
Hey this great! I can project the exact the time an intraday cycle is going to bottom with TS2000. I am sorry, I didn't realize Travis was already short the puts I mentioned, otherwise my commentery would have been more thorough. Good call Travis. Anyway, all the systems are still short with the NYA system flipping back to a sell for yesterday's open. First. This is what I see for bond yields. There are Gann lines just around the 6.4 level. We look to be near a level where we should see rates top out near here. A Gann line tag would also coincide with a CCI peak. The only problem I have with being too bullish on the market is we have some more gaps to fill on the 15 minute dollar chart on the downside. I see support as being at 658 on the OEX. We may not get there today though. The 674 level may turn back any morning rally today. If you are looking to the long side, the 30 minute cycle is due to bottom at 11:30 am pacific time. The marked Gann line is at 667,at the exact same time. Whether they will correlate or not remains to be seen. If the market is rising into that time frame we may see it start to accelerate to the upside . I would stay short only if we close below 664. Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
I haven't been able to get into Dial Data tonight so some of the daily charts are not updated. The only trading system which is updated it the OEX Trading system. It is still on a sell. I inputted the data manually . It is a real crap shoot for the next four days. There is a full moon on Monday. Downside action is usually exaggerated going into a full moon. We have the astro cycle due to bottom on Wednesday. Hourly, MAJ maybe marking a bottom here, but on the daily, it makes me leery of looking at the long side. The OEYSPs would be my choice for playing a possible move to the 660 level. They have traded in a 10-15 dollar range for the last few days. I would look to take a 50% position if you can pick them under 13 dollars on any rally today as I don't have any glaring trendline targets. I think the risk is we may still get a rally back up to the 690-694 range. If we do, we will look to leg in the rest unless my posture changes. Found some good stress relieve for sitting in front of screen, if you day trade all day. Try wack a wit(you need shockwave)Maybe I can get them to make wack an analyst with our faces popping up, for when we make a bad call.
I was a little too fussy with the 693-694
entry point. Should have just stuck with the Fib
zone and the daily Trix chart. Since I didn’t catch a good entry point,
I will only venture that we may find support at the 678-675
level which may provide a 50% retrace. The NYA
trading system is now on a buy. I actually think this system works better
using the signals at the end of the day to enter and exit positions. Some
of these gains won't show up on the report ,and I have don't of way to
code them yet. You can see on chart that you are usally buying, or selling
into a rally, or a decline such as the one we might get on the open. The
OEX trading system is now on a sell as well as the NDX system. I would
look for a possible rally back up to the 685 level to get short with 691
as a stop. You may have noticed that I have added a free e-mail button.
If you choose to use the e-mail service, you will be stuck with a oextrader.zzn.com
mail extension. They wanted $6000.00 a quarter for oextrader.com. We don't
have enough subs to justify that expenditure yet. They told me they would
share add revenue. I laughed. Those using hot mail or Yahoo mail may want
to try it. We don't make any money from the service. It may be quicker
than the above, sending a notification to your own mail box. There are
a lot of extra options such as a pager alert. It may be a better deal than
what you may be using now.
After following the market somewhat closely intraday for the last year or so, I can only come to the conclusion that there is a force out there with big wad of cash manipulating the market and they are out specifically to get option buyers. It seems different groups of stocks are always being hammered when ever they(who ever they are) want to pull the trigger. Computers are becoming more powerful so I don't see this abating. So what else is new? Anyway, WIN 2000 supports dual Pentiums so even the smaller pocket books may be able to keep up with the game. Just a note, if you are thinking of buying a computer right now, I would buy two Pentium 350s with a dual mother board instead of getting the new Pentiums. Your computer will kick butt with the twins when WIN2000 come out. I didn't get up until after the market had closed as I didn't think anything exciting would happen. Look at what one minute cumulative volume did into the close. I was hoping we would get a short at the 693-694 level , but it doesn't look like it will happen today. It is also Fib resistance. The 684-685 level may hold today, so we may not have yet missed a killer short trade. We may have also missed a good entry point for an IBM short. I have placed the new NYA trading system up. There is a quite few more trades than the other one, but it keeps you in the trend. Just one other comment. People shouldn't have been surprised with the CPI number. The Internet has turned the world into one giant McDonalds. It is total cutthroat competition, and it will even get better for consumers as more corporations come on line, as well as more consumers who will continue to drive volumes up, making it easier to lower prices even more.
We did get a shot at the Gann line on the 5 minute chart. I just wasn't sure at what level a possible tag would be at, hence my reasoning for exiting below the 680 level. What is in store for today? Short the opening rally? Well, one minute cumulative volume was looking weak at the close. We have Fib resistance right at the 690 level, but we have trendline resistance right at the 685-686 level on this 15 minute chart. I don't want to make an end of day call here, as I don't see a strong pullback happening, but don't hold me to that. Bulls want to see that 685 level taken out rather easily this morning. MAJ on the daily is approaching the upper band, and the hourly is already there. We are also approaching the old highs. I am just expecting the OEX to stall out here. I am now approaching day 5, crash free, with my TS2000. Yeah! I am sorry have to switch back to using end of day data to power the OEX trading system. ( I was hoping to change my hours of sleep with the new program). Either TS2000 doesn't like the System created in SC4, or the system doesn't work well with the Omeaga Global server data. I spent 3 month coding that system. Right now I just don't have the time to start over, as I am trying to source content for the GO1NET network,as well as putting a decent search on GO1NET.com. I just hope Omega comes out with a Y2K patch in time. I also want to work on the hourly system. The NYA system as sucked since I started posting it, I will probaly be changing that as well.
Well, you couldn't have asked for better entry or exit points from the daily Gann chart. The 673 level also coincided with the 30 minute cycle bottom which I was able post before the open. As I said in the e-mail on the close we could gap out to the 685 level on this 15 minute chart I posted or we might make a go at the 677 level first on the 5 minute chart. It appears it will be the 685 level an then some this morning. If you are holding on to out of the money puts they will probably expire worthless. The OEX may bounce around between the 690, and 687 level today. Anything under the 680 level may be a good exit point today, but it may not come until later in the afternoon. I am raising my target to the 127 level for IBM to enter into puts but I would hold off on buying any today if IBM does it today. We may get a good put entry on Monday for trading some July puts. We will be offering free e-mail service from oextrader.com. I haven’t yet decided which company we will be using. Look for a posting here next week. Feel free to submit a link that you think we may all find useful, and convenient to use. I may post it to that page also. Thanks. Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
We either start to drop like a rock here from a Fib zone or we go sideways for a few days before possibly rolling over as cumulative daily breadth is pathetic. If you want to play the expiration I would look for long and short entries at 683 at the 673 level on the Gann chart. There is no updated 30 minute cycle chart, as this 10th reload of 2000, has screwed up the chart, even though the workspace was saved in another directory. I will hopefully have it fixed today or tomorrow. Yhoo didn't give traders any chance for a good entry. IBM may hit my target zone. The DOW system went on a sell. It is usally early.
Looks we could get a sharp rally on the open. I just don't see any great trade setup from looking at my indicators. Daily cumulative volume may be suggesting this could be sharp rally off of support if we do get a breakout to the upside today. I am not confident shorting this possible rally. We may not even break above yeterdays high. One thing, the 30 minute cycle seems to be working like clock work right now. It was a tough call as to if it would have bottomed on the open or the close yesterday, as per Mondays e-mail. One stock, IBM, if it doesn't start to collapse right here, is looking like a good short to me above 125. Let's watch over the next two days to see what kind of rally we might get in the stock. Yhoo might be shaping up for a sharp rally into expiration if you want to play some three day calls, that may expire worthless. Can't get quote. com charts to come up tonight to pick an option. I was looking at percentR on the daily .
I think that might have been the second that has happened in the last two years. Exite, I think was down for a longer period last month. It happens even to the best of sites. I do think we are using one of the best ISP on the web. Smartt.com, if you are interested. I don't think anyone really knows what may happen today. If you did take a short entry near the 661 level, it missed it by a smear, I would use 663 as a stop today. The astro2 chart has been working quite well with the Fib zones. There is one just under the 647 level. I would look for an exit there. If the OEX does manage to slice through that level, the 150 day is sitting around the 632 level. I have no long trade recommendation.
Interesting day? Hope you made a few bucks, and I give a bow to my partners
for the intraday updates. I suspect some of you still have some shorts
on. I have the 663-664 level as being resistance today on the Astro
,and the weekly Gann chart. We almost got to the 650
level. We might get there today, but cumulative
daily volume is right at support. We bounce or break today. All the
intraday cycles have bottom. Now it is just a question if one of the weekly
cycles will take over. If you are looking for a short entry point look
to the 663-664 level, but remember the intraday cycles have bottomed so
use a tight stop, and I would be a little leery of trading the one weekers
here. If you are still short I would stay short only if we close below
yesterday's lows and the same goes if you go short today. TRIX
still has yet to turn. Thanks for your replies with regards to the OEX
1000 intraday trading system. The system went flat after today's sharp
drop. I finally managed to get more data into TS2000. Here is the system
report. Sorry I can’t fit anymore in a GIF file.The results are for the
last six months, but I know I have some bad data in there, as the conversion
process didn't go perfect for me. Surprisingly it made most of the money
on the short side. This system isn't even optimized for intraday. I don't
know how it compares to others, but I still think it can be improved. I
need to see how many signal bars fall on gap opens, and how it does in
a sideways period. This is why I have been so eager to get the new TS2000
running, as it tests down to the tick. You would be surprised with some
of the returns from the end of day systems you see posted on the index
page when I added some simple stops. Now, I just need to see how real some
of those returns are. I need another years data which includes intraday
day for the end of day systems. I hope in the future I will be able to
give specific buy and sells intraday from some of those other system with
very specify targets, stops, and entry points. Right now , I am going to
keep working on the OEX 1000 system as I am very surprised with the early
results. I may post some charts for now so
you can follow along with me as the system continues to develop, and the
early results continue to hold up. I don't think these sytems will ever
replace the skills shown by my fellow traders.
Sorry, I was referring to a gap on this 15 minute chart just above the 657 level. The OEX trading system has now also gone a sell. If you went short or are still short, I would use 672 as a stop today. If we do get the gap fill today, how the market reacts at that level, may indicate if we go much lower. If we only get a partial fill, take that as a bullish sign, and I would close out any shorts. You want the OEX to plunge through that level. Stay short with the above stop if the market only fills the gap, not a partial fill, as the 650 level could well be in the cards. I have been testing some of my end of day systems on intraday data. One system is working great on the hourly. Since it is on hourly time frame getting signals out to subscribers who want to trade the system, along with their discretionary trades remains feasible. It uses a reasonable 5 point stop. So far it looks good and has been tested down to the one minute time frame, so you are not having to rely on bouncing ticks for the system test results. I would like to know how many traders would be interested in receiving the signals via intraday updates, if I do decide to make the system available to subscribers. Just send me an e-mail. I haven't yet figured out how to set up Trade Station for e-mail updates. Thank you in advance for your replies. Rick. Here is, cumulative volume, astro, astro2 5 minute, hourly cycles ,Gann hourly, daily Trix, and the 3vol bar chart.
The only system that gave a sell was the NYA system. Traders that are looking for a possible breakout trade, I think we may keep testing resistance and support right now. It looks like I transferred the intraday cycles over perfectly from SC4. The 30 minute is now pushing against the hourly cycles due to bottom today so I would be looking to the 660 level to hold as possible support, but I am not advocating a long trade. I noticed the Cycle Section has a similar weekly Fib chart. It is nice to have extra confirmations.We closed right at support. We do have a reversal off of the Jupiter price line, so I do favor the short side as in my previous commentary. There is a small gap to fill just under the 657 level. The 668-670 level may contain any rally today, while the 672 - 674 level may prove to be a good short entry point( trust me, I am not trying to take over Travis's job, but this is what I see happening over the next two days, based on cycles and trend lines.) 650 Fib support may be tested again over the next few days if the bond market doesn't hold here. We may get a strong rally of the 50 day if you are bullish, and the oddlots are at again.
You will have to bare with me as I change over to the new Trade Station. I have to change everything over, as SC4 is not Y2K compliant. It is already acting strangely, as currently I can't get a close, BMI, plot from it . I bring to your attention the last buy signal that shows up using Trade Station, where the SC4 program hat it two weeks earlier. I am going to stick with the Trade Station from here forward. Note that I have added a volume accumulation, chart at the top. It will take more data to get the rest of the indicators going. Should have stuck to my Master11 indicator and MAJ. Anyway, Twin Peaks, for what it is worth, now has the other indicator approaching a possible reversal point. There is Fib resistance just under the 680 level. The VIX indicator is getting close to a sell alert, and cumulative breath isn't exactly partying. The market has to accelerate over the next two days, or we may see a sharp down day that gives back all of Friday's gains. I don't recommend getting on board here. We missed the boat! BETT and NBET are the two gambling stocks I referred to last week. I like BETT but not NBET. I don't usually a show chart as these penny stocks are a complete gamble. It has traded in a tight trading range, and they have apparently been given a large line of credit. There is a gap just under the .45 level that might get filled. I am sorry there may not be an update on Tuesday, as I am going to Seattle today to meet a Friend that is visiting from New York. I might get back in time.
Finally got it running. The one minute intraday chart is suggesting we could have a sharp drop on the open. All the 3 intraday cycles, look to be lining up at the same time for a possible low. Futures traders may want to consider going short before the early morning reports mentioned in the cycle section. I don't recommend trading futures though, unless you are very well capitalized, and can stomach a rally on the open, which right now I don't see happening. One chart I don't post is, intraday cumulative, OEX, tick volume. I would only be comfortable recommending a long position once the lower average is tagged for position traders. Twin Peaks is right at one reversal level, with the other one lagging, so I suspect that any rally will fail today. Both daily cumulative volume and breadth, are virtually flat ,making it possible for the market to quite easily, make a substantial push in either direction here. Travis has the perfect bearish set up according to above mentioned indicators. Here is an hourly Gann chart you might find useful today. Note, how the weekly Gann line has so far turned back any rally attempts.
Short Omega stock.(just kidding) I still can't get my indicators to come up. Just as well though as you have been getting excellent intraday updates. The 5 minute chart clearly shows the locked trading range. Is the low in according to the Astro cycles? Well I don't know. Master11 is in the buy zone. This trendline comes in around the 659 level as does this one on the 1440 minute bar chart ,and is where the OEX may be turned back to possibly test the 50, 5 minute bar, moving average before resuming a possible breakout to the upside. We could blast through the trendline and test it from above before breaking up further. Right now it looks like July of last year before the OEX rolled over. You won't get an end of day call out of me today. We may finally get a breakout out of this current range with GOCA. I am looking for a possible ten bagger here as their current gaming revenues seem to be developing into a trend. I have two more gambling stock recommendations but I need to find out what their float is first. Wow! Did someone ever go out on a limb, on a well know financial news show. What was it, DOW 60,000 in the next ten years? Anyway, got this out of the paper. Palm V11, has the ability to receive wireless e-mail via the Internet. You might want to check it out. They have there own e-mail service that is custom made for it. I am not plugging the stock. Just thought this would be real convenient to have. Here is, cumulative volume, astro, astro2 5 minute, hourly, daily Trix, and the 3vol bar chart.
